《大行》匯豐:普拉達(01913.HK)下半年銷售增長略放緩 目標價降至66元 維持「買入」評級
匯豐環球研究報告指,奢飾品牌普拉達(Prada)(01913.HK)於今年首季銷售增長顯著超越同業後,預期在第二季度的優勢亦將持續,集團今年可能提升其營運利潤率。惟考慮到2025年及2026年下半年銷售增長略為放緩,將其目標價從68元下調至66元;另考慮到該品牌38%的潛在上行空間,維持「買入」評級。
報告指,隨著Prada集團的競爭對手在管理層方面經歷諸多變動,以及部分核心品牌的創意總監更替,Prada應在產品線、文化相關性及大幅改善的零售體驗和活動方面繼續受益。針對旗下MiuMiu近年大熱,匯豐認為其爆炸性增長不太可能曇花一現,即使僅因該品牌在現有空間爆炸性增長後,應在空間擴張方面迎頭趕上。
匯豐預期,MiuMiu在2025年按固定匯率計算的銷售額,將增長近三分之一,並於明年突破20億歐元的關口。同時,Prada品牌今年的銷售額可能略有下降(按固定匯率計算下降1%),但考慮到當前包括時裝、皮包在內的軟奢侈品市場的狀況,仍意味著其顯著的市場份額增長。在首季度零售銷售按固定匯率計算增長約13%後,匯豐相信Prada集團在今年6月結束的次季或再次接近雙位數增長水平(零售增長 10%,集團總體增長 9%)。
匯豐認為,相較於同行及增長潛力,Prada股票具有特別良好價值。
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